Friday, 9 June, 2023

How PayPal will revolutionise financial inclusion

How PayPal will revolutionise financial inclusion

International payment gateway PayPal will be introduced in Bangladesh very soon, according to State Minister for ICT Zunaid Ahmed Palak. The state minister said at a Smart Employment Fair recently in Bagerhat that “the prime minister has taken the initiative to launch it as it is a core demand of freelancers.”

In an increasingly interconnected world, financial services play a crucial role in fostering economic growth and empowering individuals and businesses. In recent years, PayPal has emerged as a transformative force, offering secure, convenient and inclusive digital payment solutions. It is expected that PayPal will help Bangladesh harness the power of technology to advance financial inclusion and drive economic progress in different ways.

Enabling Global E-Commerce

As e-commerce has grown to be a booming industry, it has given companies the chance to reach customers globally. PayPal will encourage small businesses and entrepreneurs in Bangladesh to engage in international trade. Merchants may connect with millions of potential customers globally by incorporating PayPal into their online platforms, bridging the gap between regional producers and global consumers. This will give Bangladesh's artists, craftspeople and micro businesses the ability to market their goods internationally, generating revenue and opening up job prospects.

Secure and Convenient Transactions

PayPal's strong security procedures will assure safe and dependable transactions, all while minimising concerns about fraud and financial threats. Both buyers and sellers may transact with PayPal with confidence knowing that their financial information is secure. For people and businesses in Bangladesh, this degree of confidence is critical, especially when it comes to cross-border trade, where setting up safe payment channels is crucial.

Facilitating Freelancers and Outsourcing

There are many freelancers and outsourcing experts in Bangladesh who provide their services to clients all over the world. For freelancers, PayPal will streamline the payment process so they may get paid easily and securely. As a result, there is no longer a need for intricate and time-consuming bank transfers or reliance on shaky payment channels. Freelancers can concentrate on their job because they can use PayPal's vast global clientele and immediately retrieve their revenue.

Supporting the Remittance Economy

Due to the fact that millions of Bangladeshis work abroad and send money home to support their family, remittances are an essential source of income for many households in Bangladesh. PayPal will make it simple and affordable for people to send money to Bangladesh by facilitating cross-border payments. Families in Bangladesh will be able to send money swiftly and securely using PayPal's platform while avoiding the difficulties involved with conventional remittance options.

Empowering Entrepreneurs and Startups

Bangladesh is experiencing a rise in new businesses and entrepreneurial activities. These innovators will be propelled by PayPal's services, which enable them to take payments without difficulty from any location. As a result, entrepreneurs will be given more room to expand and scale their operations because they will no longer be constrained by payment infrastructure. Additionally, entrepreneurs will have access to helpful tools and support through PayPal's enormous resources, including its Partner Program and Developer API.

Financial Inclusion for the Unbanked

Many people in Bangladesh still struggle to get access to traditional banking services, especially those who live in rural areas. An alternate approach will be PayPal, which will enable those without bank accounts to engage in the digital economy. Unbanked people will be able to open PayPal accounts, accept payments and make transactions online. This inclusion will have a significant impact on socio-economic growth since it will give marginalised groups access to opportunities and help them achieve financial security.

Enhancing Digital Literacy

PayPal's adoption will enable people to acquire digital literacy as it is expected to be more common in Bangladesh. People must acquire fundamental digital skills and promote a culture of technical competence in order to use PayPal efficiently. With better access to information, financial services and educational resources as a result of greater digital literacy, Bangladeshi residents will be more empowered in all facets of their lives.

In Conclusion PayPal's presence in Bangladesh will bring about a transformative shift in the country's financial landscape. Through its comprehensive suite of digital payment solutions, PayPal will empower Bangladesh.


Bishal Basu, a Finance Graduate from North South University